Treasury Wine Estates is the subject of a bidding war, according to reports from Australia.

The troubled group, which owns brands such as Penfolds, Lindeman’s, Wolf Blass and Rosemount brands and the Beringer and Chateau St Jean labels in the US, has had an offer from another private equity group.

It is believed the non-binding and conditional offer from TPG matches the AUS$5.20 per share, offered last week by Kohlberg Kravis Roberts and Co (KKR) and Rhone Capital.

TPG has declined officially to comment.

TWE has stated: “The board of TWE has concluded that it is in the interests of its shareholders to engage further with this private equity investor.”